SHIB Surpasses WBTC: Shiba Inu burns at 5,761% rate

SHIB rate jumped to 5,761%.
The mem coin surpassed WBTC in volumes on Ethereum.
ETH whales have been gobbling up SHIB.

The trading volume of the asset somehow affects its price, and lately, the industry is feeling a draught when it comes to trading volumes. But the tides seem to be turning; WhaleStats’ on-chain data tracker shows that in the last 24 hours, Shiba Inu managed to beat Wrapped Bitcoin (WBTC) to become the most traded digital asset for the top 100 Ethereum Whales.

Coinciding with the increasing bur rate by the SHIB army, jumping to 5,761%.

Shibbburn tracking website published data earlier saying that the past 24 hours had been great, and the SHIB army disposed of mem coins, locking them up in unspendable wallets. Yesterday morning eager individuals and entities successfully removed 13,696,795 Shiba Inu tokens.

Why Burn?

The primary goal of burning is to reduce the amount of money circulating in the market, creating scarcity and eventually ensuring a rise in its price.

It has been a dream of the Shiba Inu community to somehow push the price to 1 cent or better, $1.

Shiba Inu (SHIB) price went up by 28% within the week, and another Zero Finally Burned SHIB outperforms that of WBTC; whales are buying more SHIB, a Tweet from WhaleStats wallet tracker shows that SHIB, the second biggest meme coin by market capitalization, surpassed Wrapped Bitcoin (WBTC) on Ethereum chain, gaining the position of most traded assets by biggest ETH whales.

SHIB also sits gracefully in the list of the assets owned by ETH Whales, enjoying the eighth position. Second best meme coin is also the 10th biggest asset by trading volume.

For the first time in the last few months, Ethereum whales increased the percentage of SHIB in their portfolio, and now they proudly hold $81,260,262 worth of this meme coin.

Where does SHIB stand now?

SHIB is currently trading at $0.00001003 with a drop of 2.32%, while against Bitcoin at 0.000000000484BTC, also dropping by 3.42%. At the same time, its market cap lowered by 2.28% and was at $5.5 billion, and its volume massively dropped by 44.89% to be at $347 million in the last 24 hours.

Still, the meme coin managed to maintain a rank of 16 and a market domination of 0.56%. The current rate is down by 88.72% down from its all-time high of $0.00008845 achieved on October 28, 2021, and is 12223342.04% up from its all-time low of $0.000000000082 it hit on September 01, 2020.

This massive interest of Ethereum whales in the meme coin positively hints at an expected growth in the price action. As SHIB is openly the main competitor of DOGE, the buzz created by Whales is supposed to drive the price north.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing